CODE: 8893 RfReference M Mtateri ilal fPfor Present ttiation on Operating Performance During the Fiscal Year Ended March 31, 2009 Shin-Nihon Tatemono Co., Ltd. May 26 (Tuesday), 2009

AQUARENA KAWASAKI Table of Contents

I. Overview of Consolidated Operating Performance During ― P. 2 t o 9 Fiscal Year Ended March 31, 2009 II. Future Strategy and Plan for ― P10to14P. 10 to 14 Fiscal Year Ending March 31, 2010

III. Overview of Shin-Nihon Tatemono ― P. 15 to 18

IV. Introduction to Projects ― P. 19 to 22

SHIN-NIHON TATEMONO CO., Ltd. Reference Material for Presentation on Operating Performance During the Fiscal Year Ended March 31, 2009 1 I.I. Overview Overview ofof ConsolidatedConsolidated OperatingOperating PerformancePerformance DDuringur ing FiFiscalsca l YYearear EEndedn de d MMarcharc h 3131,, 20092009

SHIN-NIHON TATEMONO CO., Ltd. Reference Material for Presentation on Operating Performance During the Fiscal Year Ended March 31, 2009 2 Topics for Operating Performance During Fiscal Year Ended March, 2009

Business environment topic

■ The real estate market contracted rapidly and reached a major turning point.

Real estate market => The financing environment for the players changed rapidly and the liquidity of real estate for investment declined significantly. Housing market => Consumer confidence weakened as the real economy quickly deteriorated.

Performance topics

■ Placed priority on streamlining the balance sheet and improved operating cash flow

■ Posted a steep loss, partly attributable to a loss on valuation of inventories of 13,017 million yen (this fiscal year's cumulative total)

Management topic

■ Moved forward with a project to bolster the management base and reestablished a structure adapted to the market environment

SHIN-NIHON TATEMONO CO., Ltd. Reference Material for Presentation on Operating Performance During the Fiscal Year Ended March 31, 2009 3 Consolidated Balance Sheet

Year ended Year ended March 31, 2009 March 31, 2008 (Unit: million yen) Actual % of Total Actual % of Total Change Cash and deposits 14,677 16.6% 2,618 7.9% -12,058 Real estate for sale 16,048 18.2% 8,231 24.7%● -7,816 ●Decrease of real estate for sale RlReal es ttftate for sal e [Breakdown for the year ended March 31 , 2009] 47,640 53.9% 16,498 49.5%● -31,142 in process Liquidation : 3.1 billion yen 4 properties Others 6,527 7.4% 3,514 10.6% -3,013 (of which Total current assets 84,894 96.1% 30,863 92.7% -54,030 consolidated SPC : 2.8 billion yen 3 properties) Total noncurrent 34803,480 39%3.9% 24412,441 73%7.3% -10391,039 Condominium unit assets sales : 4.4 billion yen 173 units Total assets 88,374 100.0% 33,304 100.0% -55,069 Residential housing Notes and account sales : 0.5 billion yen17 houses 11,959 13.5% 5,971 17.9% -5,987 payable-trade ●Decrease of real estate for sale in process Short-term loans 26,606 30.1% 17,564 52.8%● -9,041 [Breakdown for the year ended March 31, 2009] payable Liquidation : 9.6 billion yen Current portion of 150 0.2% 130 0.4% -20 bonds ● (of which consolidated SPC : － yen) Others 7,611 8.6% 1,430 4.3% -6,181 Condominium unit sales : 5.4 billion yen Total current liabilities 46,327 52.4% 25,096 75.4% -21,231 Residential housing sales : 1.3 billion yen Bonds payable 230 0.3% 100 0.3%● -130 Long-term loans 20,509 23.2% 6,328 19.0%● -14,181 payable Others 716 0.8% 808 2.4% 91 Total noncurrent 21,456 24.3% 7,236 21.7% -14,219 liabilities ●Status of interest-bearing liabilities Total liabilities 67,784 76.7% 32,333 97.1% -35,451 Year ended 47.4 billion yen Capital stock 64146,414 72%7.2% 64146,414 19. 2% ― March 31 , 2008 (of which consolidated SPC: 2 . 9 billion yen) Capital surplus 6,328 7.2% 6,328 19.0% ― Year ended 24.1 billion yen Retained earnings 7,843 8.9% -11,735 -35.2% -19,578 March 31, 2009 (of which consolidated SPC: 2.8 billion yen) Others 3 0.0% -37 -0.1% -40 Change -23.3 billion yen Total net assets 20, 590 23. 3% 971 29%2.9% -19, 618 Total liabilities and net 88,374 100.0% 33,304 100.0% -55,069 assets

SHIN-NIHON TATEMONO CO., Ltd. Reference Material for Presentation on Operating Performance During the Fiscal Year Ended March 31, 2009 4 Consolidated Profit and Loss Statement

Year ended Year ended March 31, 2009 March 31, 2008

Whole fiscal year Whole fiscal year Year-on-year

Change (Unit: million yen) Actual % of Total Actual % of Total Change (%)

Net sales 82,217 100.0%● 56,337 100.0% -25,879 -31.5% ●Figures for the year ended March 31, 2009 ● Cost of sales 68, 178 82. 9% 65, 337 116. 0% -28412,841 -42%4.2% Liqu ida tion 18 properties Gross profit 14,039 17.1% -8,999 -16.0% -23,038 ― Condominium unit sales 887units Sales administrative 8,929 10.9% 7,421 13.1% -1,507 -16.9% Residential housing expenses sales 295 houses

Operating income 5,110 6.2% -16,420 -29.1% -21,530 ― ●Loss on valuation of inventories: Non-operating 795 1.0%● 1,860 3.3% 1,065 134.0% 13,017 million yen (this fiscal year's income cumultilative t ttl)otal) Non-operating 1,927 2.4% 1,618 2.9% -309 -16.0% expenses ●Penalty for project contract cancellation: Ordinary income 3,977 4.8% -16,177 -28.7% -20,155 ― 1.26 billion yen Extraordinary 52 0.1% 36 0.1% -15 -29.4% income ●Impairment loss-noncurrent assets: Extraordinary 85 0.1%● 1,464 2.6% 1,378 ― 493 million yen loss ●Loss from project suspension: Income before 3,944 4.8% -17,605 -31.2% -21,549 ― 789 million yen income taxes

Income taxes 1,927 2.3% 1,304 2.4% -623 -32.3%

Net income 2,017 2.5% -18,909 -33.6% -20,926 ―

SHIN-NIHON TATEMONO CO., Ltd. Reference Material for Presentation on Operating Performance During the Fiscal Year Ended March 31, 2009 5 Net Sales and Operating Income by Segment

Earni ngs in the liqu ida tion bus iness dec line d mar ke dly compare d to the prev ious financ ia l year, resu lting in operating losses due to the stalling of property sales and a fall in profitability.

Sales of condominiums in resppgpgonse to real demand and sales of residential housing rose as a percentage of the business portfolio, from 59.5% to 68.5%, and made a greater contribution to management stability.

Year ended March 31, 2008 Year ended March 31, 2009 Whol e fi scal yeayear Whol e fi scal yeayear Yearea -on-yearyea (Unit: million yen) Actual % of Total Actual % of Total Change Change (%) Liquidation business 32,879 40.0% 17,491 31.0% -15,388 -46.8% Condominium unit sales business 35,355 43.0% 27,697 49.2% -7,657 -21.7% Residential housing sales 13,561 16.5% 10,853 19.3% -2,708 -20.0% business Other business 421 0.5% 295 0.5% -125 -29.8% Elimination or corporate ―――――― Net sales total 82,217 100.0% 56,337 100.0% -25,879 -31.5%

Year ended March 31, 2008 Year ended March 31, 2009 Whole fiscal year Whole fiscal year Year-on-year Operating Operating Actual Actual Change Change (%) (Unit: million yen) income (%) income (%) Liquidation business 3,395 10.3% -14,159 -81.0% -17,555 ― Condominium unit sales business 262,675 7.6% -60670 -2%2.4% -333,34 6 ― Residential housing sales 453 3.3% -78 -0.7% -531 ― business Other business -28 -6.7% -338 -114.6% -310 ― Elimination or corporate -1,385 ― -1,173 ― 212 ― Operating income total 5,110 6.2% -16,420 -29.1% -21,530 ―

SHIN-NIHON TATEMONO CO., Ltd. Reference Material for Presentation on Operating Performance During the Fiscal Year Ended March 31, 2009 6 Overview of Liquidation Business

Net sales by area Year ended Year ended March 31, 2009 March 31, 2008 Million yen In 23 w ards Tokyo outside 23 w ards 40,000 Actual Actual Kanagaw a Prefecture Saitama Prefecture Chiba Prefecture Pref ecture Others Change Change (%) 20 properties

Net sales 32,879 17,491 -15,388 -46.8% 30,000

Gross profit 4,360 -12,784 -17,145 ― 20,000 18 properties Gross profit 13.3% -73.1% ―― (percentage)

10,000 Operating income 3,395 -14,159 -17,555 ―

Operating income (%) 10.3% -81.0% ――0 Year08/3 ended期（実績） March Year ended09/3期（実績） March 31, 31, 2008 (actual) 2009 (actual)

 Delivered 18 properties during the fiscal year under review (two properties less than in the previous fiscal year) However, since many of them were small, net sales fell a significant 46.8% from the year-ago result.

 Posted a loss on valuation of inventories of 10,663 million yen (cumulative total) for the fiscal year undider review

SHIN-NIHON TATEMONO CO., Ltd. Reference Material for Presentation on Operating Performance During the Fiscal Year Ended March 31, 2009 7 Overview of Condominium Unit Sales Business

Net sales by area Year ended Year ended March 31, 2009 March 31, 2008 Million yen Actual Actual In Toky o 23 w ar ds Tokyo outside 23 w ards 40,000 Kanagaw a Prefecture Saitama Prefecture Chiba Prefecture Others Change Change (%) 1,160 units

Net sales 35,355 27,697 -7,657 -21.7% 30,000 887 units

Gross profit 7,720 2,999 -4,720 -61.1% 20,000

Gross profit 21.8% 10.8% -11.0pt ― (percentage) 10,000

Operating income 2,675 -670 -3,346 ―

0 Operating income (%) 7.6% -2.4% ―― Year期（実績） ended Year ended期（実績） March08/3 31, 2008 March09/3 31, 2009 (actual) (actual)

Breakdown of net sales decrease => 14 buildings (5 buildings less than in the previous fiscal year), delivery of 887 units (273 units less than in the previous fiscal year)

Posted a loss on valuation of inventories of 2,147 million yen (total cumulative) for the fiscal year under review

126 comp lete d, open con dom in iums as o f Marc h 31, 2009, represent ing a stea dy dec line to a certain level

SHIN-NIHON TATEMONO CO., Ltd. Reference Material for Presentation on Operating Performance During the Fiscal Year Ended March 31, 2009 8 Overview of Residential Housing Sales Business

Year ended Year ended March 31, 2009 Net sales by area March 31, 2008 Actual Actual Million yen 20,000 In Toky o 23 w ar ds Tokyo outside 23 w ards Kanagaw a Prefecture Prefecture Saitama Pref Prefecture ec tur e Change Change (%) Chiba Prefecture Others

Net sales 13,561 10,853 -2,708 -20.0% 15,000 347 houses

Gross profit 1,727 1,039 -688 -39.8% 295 houses 10,000

Gross profit (%) 12.7% 9.6% -3.1pt ―

5,000 Operating income 453 -78 -531 ―

Operating income (%) 3.3% -0.7% ――0 Year 期（実績）ended Year ended期（実績） March08/3 31, 2008 March09/3 31, 2009 (actual) (actual)

Delivered 295 houses (52 houses less compared to the previous fiscal year), many in the Tama area of Tokyo where we have a strong competitive edge

Posted a loss on validation of inventory of 205 million yen (cumulative total) for the fiscal year under review

Merged/ consolid a te d sa les o ffices (f rom s ix sa les o ffices to two ) for cos t cu tting and management efficiency

SHIN-NIHON TATEMONO CO., Ltd. Reference Material for Presentation on Operating Performance During the Fiscal Year Ended March 31, 2009 9 II.II. Future Future StrategyStrategy andand PlanPlan forfor FiFiscalscal YYearear EEndingn ding MMarcharc h 3131,, 20102010

SHIN-NIHON TATEMONO CO., Ltd. Reference Material for Presentation on Operating Performance During the Fiscal Year Ended March 31, 2009 10 Environment Surrounding the Company and the Group

Severe changes in the financing environment for real estate development/investment businesses

Absence of buyers for real estate for investment, causing a significant drop in their liquidity Turning Decline in consumer confidence in the housing market point (condominium / residential housing) due to economic uncertainty, etc.

Increase in the number of players unable to continue operating => outflow of high-quality properties to the market

Sales turning upward in the housing market, in a sign of early recovery due to price adjustments, interest rate levels and the introduction of preferential taxation such as housing loan tax reduction Now Increase in the number of visitors Rise of sales contract rate to model rooms

A greater competitive advantage achieved in the housing market, which has been the greatest strength for the Company and the Groupppy, with fewer players now in an environment that makes an earning gyps recovery possible.

SHIN-NIHON TATEMONO CO., Ltd. Reference Material for Presentation on Operating Performance During the Fiscal Year Ended March 31, 2009 11 Reestablishing Core Business to Adapt to Environment Changes

■Shifts in prices and contract rates of new Business strategy for the short and medium terms condom in iums in the To kyo me tropo litan area Average price Contract rate Establish a business model that can flexibly respond Ten thousand yen (left axis) (right axis) % to changes in the environment 5,500 100

Housing business with Business that fits the stable earnings history current economic environment

5,000 90 Make the condominium purchase/resale business a key area of stability

Current initiatives

 Expanding the scope of business beyond traditional complete properties by including 4,500 80 incomplete properties that require development capabilities  Creating alliances with multiple business partners to secure superior business opportunities

Business scheme 4,000 70 Property sale DlDevelopers, general Information provision contractors, etc. Shin-Nihon Property sale Tatemono Business cooperation 3,500 60 Business partner Consignment Information sales exchange

Shin-Nihon Purchaser Residence 3,000 50 Sales (sales specialist subsidiary) Consignment sales 06/4 07/4 08/4 09/4 Source: Real Estate Economic Institute SHIN-NIHON TATEMONO CO., Ltd. Reference Material for Presentation on Operating Performance During the Fiscal Year Ended March 31, 2009 12 Project to Reinforce the Management Base

Measure (1): Review the business portfolio ● Review the business portfolio by considering changes in the environment and competitive advantages as criteria and creating a resource allocation and growth model that is best suited to the Group

Business segment Market environment Strategic direction

Business environment looks Reducing the weighting of development business Liquidation business difficult for now in the real estate for investment.

Strengthen the business by concentrating resources Condominium unit sales Signs of early recovery Focus on the purchase/resale business as the mainstay business business for the short and medium terms

Residential housing sales Operating intensively in areas where the Group Signs of early recovery business can take advantage of its strengths

Measure (2): Strategic organizational restructuring

● Execute restructuring to create an organization that can bolster profitability and management efficiency

 Create a system with two representative directors rather than one, to stabilize and strengthen management

 Rebuild the purchasing/development division, which had been reduced to a two-division system, making it a three-division system, as part of measures to strengthen the condominium purchase/resale business

 At Group companies operating the residential housing sales business, consider rebuilding the business structure and amalgamating offices

Measure (3): Reinforcing the financial base ●Work on financial stability and reinforcement using diverse financing methods such as cost cutting, retained earnings, and direct financing

SHIN-NIHON TATEMONO CO., Ltd. Reference Material for Presentation on Operating Performance During the Fiscal Year Ended March 31, 2009 13 Consolidated Performance Plan for the Fiscal Year Ending March 31, 2010

Year ended Year ending SlSales % of fttl total March 31, 2009 March 31, 2010 ■Year ended March 31, 2009 Actual Actual Planned Other business Year-on-year 1%

Net sales 56,337 41,600 -26.2% Residential housing Liquidation business 17,491 8,300 -52.5% sales business 19% Liquidation business Condominium unit sales 31% 27, 697 27, 200 -18%1.8% business Residential housing sales 10,853 5,500 -49.3% business Condominium unit sales Other business 295 600 103.0% business 49% Elimination or corporate ―――

Gross profit -8,999 7,750 ―

Selling, general, and administrative 7,421 5,830 -21.4% expenses ■Year ending March 31, 2010 Planned Operating income -16,420 1,920 ― Other business Liquidation business -14,159 640 ― 2% Residential housing Condominium unit sales sales business -670 2,440 ― business 13% Liquidation business Residential housing sales 20% -78 100 ― business

Other business -338 -110 ―

Elimination or corporate -1,173 -1,150 ― Condominium unit sales business Ordinary income -16, 177 840 ― 65% Net income -18,909 800 ―

SHIN-NIHON TATEMONO CO., Ltd. Reference Material for Presentation on Operating Performance During the Fiscal Year Ended March 31, 2009 14 IIIIII.. Overview Overview of of Shin Shin --NihonNihon Tatemono Tatemono

SHIN-NIHON TATEMONO CO., Ltd. Reference Material for Presentation on Operating Performance During the Fiscal Year Ended March 31, 2009 15 Corporate Outline

Corporate name SHIN-NIHON TATEMONO CO., Ltd.

Established April 8, 1975

Listed on JASDAQ (stock code 8893) Capital 6,414,930,000 yen

Representative Saburo Murakami, President and Chief Executive Officer

Businesses Liquidation, condominium unit sales, residential housing sales, other

Settlement March 31

Employees 48 people [non-consolidated] and 114 people [consolidated]

Location Headquarters Common Gate West Tower 20F., 3-2-1 Kasumigaseki, Chiyoda- ku, Tokyo Kita-Kanto Branch Sonic City Building 18F., 1-7-5 Sakuragi-cho Omiya-ku Saitamas-shi, Saitama Tachikawa Sales Office Tachihi Building No.1-8F., 6-1-1 Sakae-cho Tachikawa-shi, Tokyo Issued shares 33,463,666 shares

Shareholders 12,055 [Shareholder breakdown by number of shares] Securities Overseas companies: Columbus, Co., Ltd 11,043,000 shares 33.00% institutions: 0.13% 11.15% Saburo Murakami 2,372,200 shares 7.09% Individuals / others 41.81% High Village, Co., Ltd. 1,700,000 shares 5.08% Other domestic corporations: Prospect Japan Fund Limited 1,458,600 shares 4.36% 42.52% State Street Bank and Trust Financial 1,363,300 shares 4.07% institutions: *As of March 31, 2009 Company 506155 4.39%

SHIN-NIHON TATEMONO CO., Ltd. Reference Material for Presentation on Operating Performance During the Fiscal Year Ended March 31, 2009 16 Business History Shin-Nihon Tatemono has sought to increase earnings using its ability to flexibly adapt 100 to a ch angi ng bus iness env ironmen t an d its versa tile deve lopmen t capa bilities. 100 million Mainly areas in Saitama Prefecture and the outskirts of Tokyo Tokyo metropolitan area + local cities Shift to Tokyo million yen yen 1,200 120 Residential housing sales business Condominium unit sales business (wholesale) Liquidation business 100 1,000 Condominium unit sales business (retail)

2009 Reinforces condominium unit 2007 sales business / residential Full-scale operation of housing sales business 80 liquidation business 800 (office/commercial)

2004 Listed on JASDAQ market 60 2001 Over-the-counter registration with 600 JSiiDlAiiJapan Securities Dealers Association

1995 40 Starts condominium unit sales business (retail) 400 1990 Starts condominium unit sales business (wholesale) 20

1975 Established in Ageo-shi, 200 Saitama. Starts residential housing sales 0

Net sales [left axis] Ordinary income [right axis] 0 Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ending -200 March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31, 2010 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 (Planned) SHIN-NIHON TATEMONO CO., Ltd. Reference Material for Presentation on Operating Performance During the Fiscal Year Ended March 31, 2009 17 Business Model

Shin-Nihon Tatemono has tailored its portfolio management to concentrate its resources on promising areas.

Net sales % of total

Liquidation business 25% 32% 31% Condominium unit sales business 38% 40% Residential housing sales business Other business 38% 28% 38% 49% 43%

31% 39% 24% 6% 1% 0% 16% 1% 19% 1%

Year ended March 31 , 2005 Year ended March 31 , 2006 Year ended March 31 , 2007 Year ended March 31 , 2008 Year ended March 31 , 2009 * The year ended March 31, 2005 and the year ended March 31, 2006 are shown based on the current business classification. Business flow chart bu Liq

Office building General s 流 uidation Commercial corporations iness 動 facilities Wealthy 化 Planning / Rental Sale individuals 事 development condominium, etc. Fund, etc. 業 Shin-Nihon

Land business housing sal Residential sales busin Condominiu Tatemono 戸 マ Purchase 建 ン Retail 販 シ condominium 売 ョ 事 ン e

End user e m unit ss Residential s Planning / 業 販 housing Sale 売 development 事 業

SHIN-NIHON TATEMONO CO., Ltd. Reference Material for Presentation on Operating Performance During the Fiscal Year Ended March 31, 2009 18 IVIV.. Introduction Introd uction toto ProjectsProjects

SHIN-NIHON TATEMONO CO., Ltd. Reference Material for Presentation on Operating Performance During the Fiscal Year Ended March 31, 2009 19 Completed Projects - Liquidation Business -

Higashi-Nihombashi I . Project Project

[Overview] [Overview] Location : 2-chome Higashi-Nihombashi, Chuo-ku, Tokyo Location : Kudan-minami 4-chome, Chiyoda-ku, Tokyo Access : 5-minute walk from Higashi -nihombashi Station on the Toei Access : 5-minute walk from Ichigaya Station on the JR Sobu Line Asakusa Line Use : Stores and offices Use : Stores and offices Site area : 388.25m2 (117.44 tsubo) Site area : 305.36m2 (92.37 tsubo) Total floor area : 1,943.06m2 (587.77 tsubo) Total floor area : 2,207.38m2 (667.85 tsubo) Completed : November 2008 CltdCompleted : Feb ruary 2009

SHIN-NIHON TATEMONO CO., Ltd. Reference Material for Presentation on Operating Performance During the Fiscal Year Ended March 31, 2009 20 Completed Projects - Condominium Unit Sales Business-

Aquarena Kawasaki * joint business

[Overview] Location : Tote 4-chome Saiwai-ku Kawasaki-shi, Kanagawa Access : 14-minute walk from Kawasaki Station on the JR Tokaido Line Total number of units : 395 units Total floor area : 47,602.14m2 (14,399.64 tsubo) Completed : November 2008 -

Winner of the “2009 Urban Redevelopment Contributor Award”

Recognized for its role for resolving the complex land rights and facilitating the

development of an urban housing area suitable for an urban area that takes advantage of

its location, adjacent to the Tama River, this project was nominated by Kanagawa

Prefecture and recognized with the award by the Urban Renewal Association of Japan.

Renaissance City Kawagoe Center Point Renaissance Premium Site [Overview] [Overview] Location : Renjaku-cho Kawagoe-shi, Saitama Location : Takanodai-nishi 1-chome Sugito-machi Access : 8-minute walk from Hon-kawagoe Station on the Seibu Kitakatsushika-gun, Saitama Shinjuku Line Access : 1-minute walk from Sugito-Takanodai Station on Total number of units : 151 units the Tobu Nikko Line Total floor area : 12,368.69m2 (3,741.52 tsubo) Total number of units : 155 units Completed : March 2009 Total floor area : 18,413.36m2 (5,570.04 tsubo) CltdCompleted : Novem ber 2008

SHIN-NIHON TATEMONO CO., Ltd. Reference Material for Presentation on Operating Performance During the Fiscal Year Ended March 31, 2009 21 Completed Projects - Residential Housing Sales Business -

MtiCMatrix Cour tGkt Gakuen 4 -chome MtiCMatrix Court tT Tamagawa G Gkakuen [Overview] [Overview] Location : Gakuen 4-chome Musashimurayama-shi, Tokyo Location : Kogasaka Machida-shi, Tokyo Access : 15-minute walk from Kamikitadai Station on the Access : 20-minute walk from Tamagawagakuen-mae Tama Intercity Monorail Station on the Odakyu Odawara Line Total number of houses : 56 houses Total number of houses : 8 houses Completed : June 2008 - Completed : March 2009

SHIN-NIHON TATEMONO CO., Ltd. Reference Material for Presentation on Operating Performance During the Fiscal Year Ended March 31, 2009 22 [For Inquiries] IR Division: Group Corporate Development Team TEL: 03-6205-0705 FAX: 03-6205-0706 E-mail: [email protected] URL: http://www.kksnt.co.jp/

This material is intended for providing information about the operating performance of our Company during the fiscal year ended March 31, 2009 and is not intended for soliciting investment for the shares issued by the Company. This material has been prepared with information available as at the time of publication. Any opinion, plan, forecast, or other forward-looking statement that appears in this material is based on the Company’s judgment at the time of writing, and should not be construed as a guarantee or promise of accuracy or completeness. Information in this material is subject to change without notice in the future, for instance, due to changes in the business environment.

SHIN-NIHON TATEMONO CO., Ltd. Reference Material for Presentation on Operating Performance During the Fiscal Year Ended March 31, 2009 23